Lakeland has undergone a management buyout for an undisclosed sum, funded by investment company, Hilco.
A management team, led by Lakeland ceo Catherine Nunn, has concluded the deal, which enables the retailer’s family owners, the Rayner brothers, to formally retire from the business.
As part of the agreement, including 58 stores, Hilco has provided financial backing for Lakeland’s operating board to complete the buyout.
The newly formed board will be led by Catherine Nunn, who continues as Lakeland’s ceo, having joined the business in 2016. Catherine will continue to lead the day-to-day running of the business, alongside chief financial and operating officer, Stephen Hill and cco, Neil Piggot.
Catherine commented: “It’s been a great privilege to work alongside Sam, Martin and Julian [Rayner] since I joined the business nearly 10 years ago. Their energy and commitment to our customers and colleagues is a shared passion and one that I know will always belong at the heart of our business.
“Whilst it’s not easy to end such an important chapter of Lakeland’s story, I’m excited to look to the future and grow our business, working collaboratively with the team at Hilco Capital.”
Sam Rayner added: “Looking forward and implementing the right funding model and foundation for the future of Lakeland has been extremely important to us. As we hand over the day-to-day management of Lakeland to Catherine, Stephen and Neil, we do so with confidence in their leadership and in the strength of the team around them.
“Though we are stepping away from the business, we will always feel deeply connected to Lakeland and look forward to seeing it thrive in the years ahead.
“It has been a tremendous journey and a privilege to work with so many dedicated and talented colleagues at Lakeland. I want to express heartfelt thanks to all those past and present who have contributed to the success of the business and helped shape its unique culture. And to our customers – thank you for your loyalty and support over so many years.
“We remain proud customer and we know that the values that have long defined Lakeland will continue to be upheld by those who work there and care so deeply about what it stands for.”
Hilco Capital said: “We believe that Lakeland is a very special business and we are excited to be supporting Catherine, Stephen and Neil as they move into a new era for the brand.
“The retail sector is a challenging space right now and Lakeland hasn’t been immune to that. Nevertheless, we see huge potential in the business and a bright future. We look forward to seeing the business grow and develop in the years to come.”
